TDS Desk:

The Asian Development Bank (ADB) and the World Bank will provide $600 million and $500 million in loan assistance respectively by December 2024, said Finance Secretary Dr Md Khairuzzaman Mozumder on Tuesday.

He made the disclosure during a press conference at the Ministry of Finance, organised marking the interim government’s 100-day milestone.

Responding to a query from journalists on the amount of loan commitments received by the interim government, Dr Mozumder said the policies implemented by the interim administration have been positively received by donor agencies such as the International Monetary Fund (IMF) and the World Bank.

“Our interim government’s policy measures have yielded good results, exceeding our initial expectations in terms of funding. For instance, we have successfully negotiated $600 million in loans with ADB and expect to receive the funds by December,” the finance secretary said.

He also highlighted progress with the World Bank, which has agreed to provide $500 million in loan support within the same timeframe. “Originally, these loans were set at $300 million and $250 million, respectively, but were later doubled due to favourable negotiations.”

The government is seeking further financial assistance from the IMF, Dr Mozumder said adding, “We have requested an additional $1 billion in support from the IMF for this year. Discussions are set to conclude when the IMF team visits on 4 December, and we are optimistic about the outcome.”

The finance secretary expressed confidence in the government’s ability to implement its policies effectively and secure continued support from international financial institutions.

Chaired by Finance Adviser Salehuddin Ahmed, the press conference was attended, among others, by Financial Institutions Division Secretary Nazma Mubarak, Economic Relations Division (ERD) Secretary Md Shahriar Kader Siddiky, and National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan.